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Hertz to restate results; BofA mortgage settlement; Diamond Foods misses estimates

Hot Stock Minute

Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.

Bank of America (BAC) is reportedly in talks with the Justice Department and several states to pay a $12 billion settlement for its mortgage banking practices leading up to the financial crisis. However, according to the Wall Street Journal, the government is pressing for BofA to pay more than the $12 billion it's offering to settle the issues. At least $5 billion of Bank of America's proposed settlement would go to homeowners and for blight removal in neighborhoods. The bank has already agreed to pay $6.3 billion to settle lawsuits filed by the Federal Housing Finance Authority.

Hertz (HTZ) shares fell in early trading. The company said in a regulatory filing that it needs to restate financial results for the past three years because of accounting errors it discovered in 2011 results. The rental car company also said its first quarter earnings, scheduled to be released on June 9th, will likely be below analysts' estimates as a result of costs associated with the accounting review.

Tesla (TSLA) may be able to reconnect in New Jersey soon. The state's Assembly Consumer Affairs Committee unanimously approved a bill yesterday that will allow Tesla to sell vehicles directly to consumers in the Garden State. Tesla was forced to halt direct sales at its two New Jersey stores about couple of months ago after the state's Motor Vehicle Commission stopped it because of a state law from the 1970s that requires cars to be sold through dealerships.

Earnings also moved some stocks this morning. Shares of Diamond Foods (DMND) fell in early trading after the packaged-food company reported earnings and revenue that missed estimates. The company blamed the shortfall on weak sales in its nut brands and charges related to debt refinancing. However, sales in its snack business were up 9.6% last quarter. But the company warned that increased costs for tree nuts, such as walnuts will continue to hurt results in the second half of the year.

Vail Resorts (MTN) posted earnings and revenue that topped estimates. Profits jumped 21% from a year ago and revenue was up nearly 16% to $543 million. This as more people hit the slopes at its Colorado resorts. The company also raised its outlook for the year.